Block Launches Bitkey Bitcoin Wallet for Self-Custody
Financial payment processor Block, co-founded by Jack Dorsey, has introduced its own Bitcoin (BTC) wallet called “Bitkey.” This wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey utilizes a two-of-three multi-signature wallet structure, consisting of a mobile key, a hardware key, and a server key. It also features a secure hardware device and recovery tools in case of loss.
To ensure security, Bitkey requires the user’s fingerprint and phone to approve transactions. The wallet’s first global partners include Coinbase and Cash App.
Pricing and Availability
The Bitkey package, which includes both the app and hardware storage, is priced at $150 (excluding shipping and taxes). It is currently available for pre-order only, with rollout expected in early 2024.
Block’s Q3 Performance
In the third quarter of 2023, Block generated $5.62 billion in revenue due to the strong sales growth of payment processors Cash App and Square. Additionally, the company made a $44 million profit from its Bitcoin investments as BTC’s price recovered. Block also saw a 22% year-over-year increase in Bitcoin transaction gross profit, selling $2.42 billion worth of BTC to customers via Cash App.
Hot Take: Block Enables Greater Financial Ownership with Bitkey
Block’s launch of the Bitkey Bitcoin wallet marks an important step towards empowering individuals with self-custody of their digital assets. With its multi-signature wallet structure and enhanced security features such as fingerprint approval, Bitkey offers users greater control over their Bitcoin holdings. By partnering with industry leaders like Coinbase and Cash App, Block aims to provide widespread access to this self-custody solution. As the crypto industry continues to evolve, initiatives like Bitkey contribute to the overall goal of democratizing financial ownership and promoting a more decentralized financial system.
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